Canadians Haven’t all Left.
Canadian buyers accounted for about 6% of the homes purchased in the metro Phoenix area at their peak in April of 2011. Then the Canadian dollar was worth more than ours, and Canadians were purchasing at the bottom of our market. Today, the U.S. dollar buys around 1.29 Canadian dollars. As a result, in the first six months of 2016 (based on the address of the seller), for every Canadian purchasing a home there were nine selling.